Philippine Airlines Receives
About $152 Million in Loans

By

Rexie Reyes Special to The Wall Street Journal

Updated July 1, 1996 12:01 a.m. ET

MANILA, Philippines -- Philippine Airlines got a much-needed shot in the arm as Chinese-Filipino tycoon Lucio Tan injected about 4 billion pesos ($152 million) in loans to the flag carrier over the weekend to help pay for debts and aircraft purchases, company officials said.

The loan will be converted into equity as soon as the Philippine Supreme Court approves a shareholders' agreement signed recently by Mr. Tan and government...